Connect with us

Tech

What’s the truth behind cryptocurrencies aiding terror financing?

Published

11 months ago

on

Cryptocurrency’s role in terror financing and funding militant groups has come under renewed scrutiny following a deadly attack in Israel by Palestinian Hamas.

Israel has seized crypto accounts it says are allegedly linked to Hamas. US lawmakers have urged the government to crack down on the use of cryptocurrencies by Hamas and its affiliates.

Cryptocurrencies have gained attention for their potential use in illicit finance due to several factors. 

Firstly, setting up a cryptocurrency wallet address is relatively easy, and it often doesn’t require the same identity verification checks as traditional bank accounts. 

This pseudonymous nature allows individuals to send and receive cryptocurrency without revealing their true identity.

Another key factor is the global and borderless nature of blockchain technology, which underpins cryptocurrencies. Transactions can occur digitally across international borders, making it an attractive option for moving funds quickly. 

Furthermore, cryptocurrencies are subject to less specific regulation than traditional finance, although regulatory measures are being introduced in some regions.

The Financial Action Task Force (FATF), a global body responsible for combating money laundering and terrorist financing, has expressed concerns that cryptocurrencies could become a safe haven for illicit financial transactions.

While cryptocurrencies offer a degree of privacy, transactions on blockchain networks are permanently recorded and publicly visible. 

This means that while it may be challenging for outsiders to identify the parties involved in a transaction, blockchain analytics firms have developed tools to track funds and transactions. 

To link these flows to specific individuals or groups, researchers typically rely on information not directly recorded by the blockchain, such as customer data from cryptocurrency exchanges.

Crypto mixers and the movement of funds through various exchanges can further obscure the trail of funds, making it difficult to trace the source and destination of cryptocurrencies.

The exact extent of cryptocurrency use in terrorist financing remains uncertain. Experts suggest that while some militant groups have employed cryptocurrencies, they constitute a relatively small portion of their overall funding. 

A United Nations official mentioned that a few years ago, around 5% of terrorist attacks were considered to be financed by cryptocurrencies, with the potential for this figure to rise to 20%. 

However, the vast majority of terrorist financing still relies on traditional financial methods.

Terrorist financing is just one facet of illicit activities involving cryptocurrencies. Scams, ransomware attacks, and theft constitute a significant portion of cryptocurrency-related crimes. 

In 2022, cryptocurrency crime reached a record $20.1 billion, with cyberattacks contributing substantially to this figure. 

Cryptocurrency theft via cyberattacks is also reported as a source of funding for North Korea, according to UN reports. 

Some banks in the UK have taken measures to restrict customer access to cryptocurrencies due to a surge in crypto-related scams.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Google Makes The Decision To Boost Investments And Back The Government’s Youth Skills Training Initiative

Published

2 days ago

on

By

 Prime Minister Muhammad Shehbaz Sharif was visited in Islamabad by a four-person Google delegation led by Mr. Scott Beaumont, President of the APAC area.

Pakistan’s digital economy is about to undergo a revolutionary change, according to the prime minister, who greeted the team. Speaking on the government’s intentions to reach the goal of US$ 25 billion in exports over the next five years, the prime minister revealed that funding will be used for youth training, IT infrastructure upgrades, and regulatory environment enhancements. Pakistan’s economy is being fully digitalised, he remarked. In his attempts, he stressed the need of working together with a tech behemoth like Google.

The Prime Minister praised Google for pioneering projects that have dramatically enhanced the lives of thousands of Pakistanis in recent years, as well as for its involvement in propelling the country’s digital economy closer to reality. Noting with satisfaction that Google has helped Pakistani young land about a million jobs in 2023 alone, the Prime Minister emphasised that this is a testament to both Google’s dedication to upskilling and empowering Pakistan’s youth and Pakistan’s potential in the digital marketplace.

Informing the Prime Minister of its future involvement intentions, Mr. Scott stated that Google has made the decision to support the government’s youth skill-training initiatives and to expand its investment footprint in Pakistan. He went on to say that for a values-driven digital firm like Google, the growing economy and the sizeable youth population are crucial for optimising the economic benefits of technology. He restated that Pakistan’s IT industry will undergo a revolution when five lac Chromebooks are produced there by 2026.

Continue Reading

Latest News

Google launches the ability to install multiple apps at once through the Play Store.

Published

5 days ago

on

By

Android users now have the ability to install or update many apps or games at once in the Play Store thanks to a feature introduced by tech giant Google.

Even if Android users downloaded or tried to update several apps or games at once, the prior capability would only process one app at a time.

In the Google Play Store, users can now download or manually update up to three apps or games at once, according to a GSMArena report.

with order to assist Android users with updating or installing multiple apps at once, Google is reportedly already starting to roll out the new feature in a few select locations, including India.

The feature will process three apps at once while sending the fourth to pending when customers install or manually update programs.

When configuring new phones or recovering from a backup, this feature is said to save a tonne of time.

It should be mentioned that Apple has long since permitted customers to download and install up to three iOS apps at once from the App Store.

According to GSMArena, the function is really available on a few cell phones in some regions, even though Google has not formally confirmed when it will appear or whether it will work with any particular handset.

Google started releasing a new AI-powered feature for Android phones a few weeks ago that locks users out of their data to prevent hackers from accessing it.

According to a Forbes story, cellphones running Android 10 or later will soon be able to use the function, which incorporates artificial intelligence.

The anti-theft feature known as “theft detection lock” is currently being rolled out to certain users, according to Mishaal Rahman, who frequently updates his followers on the most recent OS changes on X.

A restricted group of customers who registered for the beta program in Brazil are now receiving theft detection locks, according to Rahman’s post.

Rehman claims that Google Play Services will be used to provide the AI-powered feature to all Android 10 devices.

Continue Reading

Latest News

Encouraging the IT Sector: Federal Government To Create Nationwide Network Of IT Parks

Published

6 days ago

on

By

Modern Information Technology Parks will be dotted around the nation by a network established by the federal government.

The goal of the program is to give young professionals a springboard to carry out their creative ideas and support the economy of the country.

The Ministry of Information Technology claims that these parks will increase exports and the IT industry while creating jobs for IT specialists.

Continue Reading

Trending